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Hot stock: Noble Group shares rise on deal to sell agribusiness stake

Wednesday, December 23, 2015 - 09:26

Noble Group Ltd shares rose as much as 4.5 per cent on Wednesday after the commodity trader agreed to sell its remaining 49 per cent stake in its agribusiness to China's state-owned COFCO International Ltd.

PHOTO: REUTERS

[SINGAPORE] Noble Group Ltd shares rose as much as 4.5 per cent on Wednesday after the commodity trader agreed to sell its remaining 49 per cent stake in its agribusiness to China's state-owned COFCO International Ltd.

The deal is seen helping Noble retain its investment grade credit rating and repair investor confidence after a bruising accounting dispute.

At 0104 GMT, Noble's shares were trading at S$0.455, up 3.4 per cent, after touching S$0.46, their highest since Nov. 13.